Inflation in Morocco

Morocco - Inflation

Growth seems to have softened somewhat in the second quarter. The consumer confidence index plummeted to its lowest level since Q4 2016, driven by a broad-based deterioration in household sentiment, which bodes poorly for private consumption. Moreover, job creation was tepid in Q2, even though the unemployment rate fell as people left the labor force, and the agricultural sector shrank further according to Morocco’s Statistical Institute. More positively, annual loan growth was robust in the quarter, which should have supported domestic demand somewhat. Meanwhile, in late July, the King announced the creation of a new committee tasked with suggesting economic reforms, and urged the prime minister to shake up key public-sector positions. It remains to be seen whether this will have any meaningful economic impact.

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